WTO reports that "Ripple technology is changing world commerce," also mentioning BTC, ETH, and IOTA
The Future of Global Trade: How Digital Technologies Are Transforming Commercial Transactions
The WTO report “The Future of Global Trade: How Digital Technologies are Changing World Commerce” notes that blockchain can streamline trade and finance and covers several approaches.
WTO Director-General Roberto Azevêdo emphasizes that capabilities of technologies like blockchain will benefit SMEs, reduce trade costs, and transform trade into a more efficient structure.
“Not only does it simplify the trading of goods, but digital technologies will also facilitate the trading of services and spur the emergence of new services. The report projects that the share of services trade could rise from 21% to 25% by 2030. For example, blockchain can help SMEs establish trust with partners around the world and begin transactions.”
The WTO highlighted the U.S. cross-border payments startup Ripple, which is advancing the launch of many banks and products, as a technology that could significantly reduce the costs of cross-border payments;
“Ripple aims to bypass the traditional correspondent banking model through its distributed ledger platform. It offers banks the ability to convert funds directly into various currencies in a matter of seconds at near-zero cost, without relying on correspondent banks. ... The company holds licenses with more than 100 banks and financial institutions, but to date has conducted limited large-scale operations. Banks are still testing the system.”
